The Internal Revenue Service (IRS) has approved The Wagner Law Group’s volume submitter defined benefit (DB) pension plan. Such a plan is built on a pre-approved document that has an IRS advisory letter on which adopters of the plan can rely with respect to the form of the document, including various options that have been subject to comprehensive IRS review.
The Wagner Law Group says that by using such a document, DB plan sponsors can rest assured that it meets IRS requirements.
The document offers:
- Multiple benefit accrual formulas, including a cash balance feature;
- Various eligibility and service-counting options;
- A loan provision;
- Various vesting alternatives; and
- Numerous optional forms of payment.
The Wagner Law Group notes that the IRS has set April 30, 2020, as the deadline by which sponsors must adopt a volume submitter defined benefit plan document.
Last year, The Wagner Law Group introduced a volume submitter 403(b) plan document. The IRS deadline for use of that type of document is March 31, 2020.